Orange SA: Back to business. Expecting a supportive Q2. BUY.

Research evidence excerpt

Orange SA: Back to business. Expecting a supportive Q2. BUY.

Deutsche Bank

Research

Rating Company Date

Buy Orange SA 9 July 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 7 Jul 2026 (EUR) 15.92

ORAN.PA ORA FP PAR ORAN

Price Target (EUR) 20.50

Telecommunications

ADR ISIN 52-week range (EUR) 18.74 - 12.97

Wireline Services

ORAN US6840601065

Back to business. Expecting a

Valuation & Risks supportive Q2. BUY.

Roshan Ranjit, CFA

After MoU excitement, low end moves supportive Research Analyst

After months of excitement on French consolidation (see note), attention switches +44-20-754-52908

back to operational dynamics. In recent weeks we have seen constructive tariff

Robert Grindle, Ph.D.

moves at the low end of the French market suggesting a more rational approach Research Analyst

from all operators. Orange has consistently highlighted promotional activity +44-20-754-58490

centres at the low end and whilst still tough we believe this is supportive for Q2. Q1

Keval Khiroya, CFA

benefited from wholesale one offs, Q2 U/L trends will be healthy. BUY.

Research Analyst

+44-20-754-18164

Both dom. mobile and fixed constructive

Vijay Saravanan

FY25-28 guidance for dom. retail service rev CAGR is stable, we est. H1 26 will be

Research Associate

above the run-rate (+1.1%) and whilst we have to monitor the market evolution, this

could be an area of upside even without a change in landscape. ORA's recent track

record on dom. cost efficiencies has been impressive, but we note the H1 vs. H2 Ankit Sharma

growth divergence given the wholesale impact, +2.2% in H1.

First quarter for Spain consolidated Price/price relative

Whilst only contributing c.1 month, this will be the first quarter with Spain 20

consolidated under the new MasOrange perimeter.